hgtc
Level 5
12-07-2019
01:59 AM
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self-employed client has Defined Benefit contribution. But, in Lacerte, this DB contribution does not reduce QBI from net profit in Schedule C. Is this correct?
For example, he has $100,000 net incomes and contribute $60,000 to his DB in 2018. Lacerte show QBI for $96,900 (just reduce 1/2 of self-employed taxes), and he will have 20% QBI deduction on this $96,900.
I thought retirement plan contribution should be back out of QBI.
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